[axus]

Couldn't the annual valuations be gamed by insiders? Who's going to impartially decide the declared value?

Best alternative I can think of is a soft fascism where the government receives a small stake in the company each year instead of cash. Then holds or auctions it as some bureaucrat sees fit.

[JumpCrisscross]

> Couldn't the annual valuations be gamed by insiders?

Yes. It's not even difficult to imagine. Management undervalues group assets to buy them on the cheap for themselves.

[fuzzfactor]

>Management undervalues group assets to buy them on the cheap for themselves.

It's not my imagination, I've seen how they sell the same assets back for a profit after enjoying some tax depreciation for a while too.